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Freddie Lombard
Freddie Lombard, Attorney
Category: South Africa Law
Satisfied Customers: 2464
Experience:  Practicing attorney and conveyancer with 16 years post article experience.
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Freddie I trust you are well. I have a friend whom we co-invested money with- for

Customer Question

Hi Freddie
I trust you are well.
I have a friend whom we co-invested money with- forex rading. Once the money was paid into his bank account, he started ducking n diving to avoid paying us R200000 in total.
We have an "acknowledgement of debt" contract. I suspect he used the money for his other businesses.
How do I go about recovering my money from him? At the present moment, I cannot afford legal fees, as I took a loan to do the investment.
Would selling this debt be possible?
Thank you
Submitted: 7 months ago.
Category: South Africa Law
Expert:  Freddie Lombard replied 7 months ago.

Hi there

Thank you for your question. I will try to assist you in answering it today but please feel free to ask as many follow up questions as you like until you are 100% satisfied.

You have two options. Sue this person based on the AOD or sell the debt as you have suggested. The problem with selling it is that you are usually offered something in the region of 40% of the capital amount.

You might be able to find an attorney that will allow you to either pay off the legal fees or who will wait to see if he is able to collect the money from the debtor.

I am not allowed to make referrals on this website but you can google debt collectors on the internet and discuss your issue with them. They might be able to make a referral if they cannot assist you themselves.

I hope this answered your question.

I know it will take an extra minute of your time to rate my service, but if you do not rate it, I do not get paid by the website so I would really appreciate it if you would be so kind as to rate my service positively. Feel free to ask further question here on this topic at no extra cost if you need more information.

Regards

Expert:  Freddie Lombard replied 5 months ago.

Good morning

This is just a quick note to follow up. Did you find my answer helpful? Is there anything else I can assist you with before you rate the service? Please note that I do not get paid if you do not rate.

Regards